Hut 8 (NASDAQ:HUT) Upgraded at Roth Capital

Hut 8 (NASDAQ:HUT) was upgraded by equities researchers at Roth Capital to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

A number of other research firms have also weighed in on HUT. Wall Street Zen lowered shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Rothschild & Co Redburn assumed coverage on shares of Hut 8 in a report on Monday, September 21st. They set a “neutral” rating and a $96.00 price target for the company. B. Riley Financial increased their price objective on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Benchmark lifted their price objective on shares of Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research note on Wednesday, August 5th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $145.23.

Hut 8 Trading Down 10.9%

NASDAQ:HUT opened at $79.59 on Wednesday. The firm has a market cap of $9.81 billion, a PE ratio of -14.60 and a beta of 4.62. The stock has a fifty day moving average price of $90.54 and a 200 day moving average price of $93.37. Hut 8 has a 12-month low of $31.67 and a 12-month high of $140.80. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter last year, the company earned $1.18 EPS. Sell-side analysts anticipate that Hut 8 will post -2.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mayo Shattuck, III sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director owned 89,408 shares in the company, valued at $8,940,800. This trade represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Hut 8 during the second quarter worth approximately $1,093,294,000. Sachem Head Capital Management LP purchased a new position in shares of Hut 8 in the 4th quarter worth $129,780,000. Oasis Management Co Ltd. raised its position in shares of Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after buying an additional 1,611,653 shares during the period. Avala Global LP acquired a new position in Hut 8 in the second quarter valued at $144,602,000. Finally, Wellington Management Group LLP acquired a new position in Hut 8 in the second quarter valued at $97,949,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

About Hut 8

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.